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On June 1 Jewel Company sold goods to a foreign customer at a price of 9,000 FCU (FCU is foreign currency units) Jewel will receive
On June 1 Jewel Company sold goods to a foreign customer at a price of 9,000 FCU (FCU is "foreign currency units") Jewel will receive payment in three months on September 1. Jewel closes its books and prepares interim financial statements on June 30 Prepare all journal entries, including adjusting entries, to record this sale by Jewel Company. Date Spot rate June 1 $0.20 June 30 $0.22 Sept. 1 $0.17 Prepare all the journal entries needed by Jewel on June 1, June 30 and September 1
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